A tremendous bloodbath has broken out in the crypto market as the total capitalization of the crypto market has fallen by 11% within a few hours, with losses of almost 200 billion dollars. Bitcoin Price posted devastating losses of $ 43,000 with major altcoins falling nearly 20%.
Popular analyst Michaël van de Poppe outlines the next target values for Bitcoin (BTC), Ethereum (ETH) and Cardano (ADA) after the dramatic correction in his latest video. According to the analyst, crashes are nothing new to Bitcoin and he believes the market’s bull structure still appears to be intact.
Bitcoin price analysis
The flagship cryptocurrency is now experiencing corrective momentum after a flash crash that drove the price up to the $ 43,173 mark. We can see immediate resistance near the $ 47,200 level. The next major resistance is near the $ 48,400 mark. If that breaks, the price could test $ 50,000.
At the time of going to press, Bitcoin price has failed to rally at $ 46,500, which was the immediate level of support. This caused the Bitcoin price to continue its decline. However, the price could now test the $ 43,500 support.
According to Poppe:
“We saw it in every cycle and we saw it earlier during those bull cycles as well. So this downward chain reaction has to happen in order to liquidate everyone below. So every long has to be liquidated, the FOMO has to be killed to wash everyone out of the markets before the markets reverse. ”
Analysts note that if we get back to the $ 46,700 level, the structure will still be in place. When the price gets close to above $ 49 we can assume that we are done with the entire correction.
Ethereum price analysis
Even the second largest crypto followed the same bearish path. Ethereum price lost more than $ 800 in just a few hours as it retested the $ 3,000 support zone. Right now, the immediate resistance is at $ 3,350. If it successfully breaks this level, ETH could test the second resistance at 3480.
On the flip side, if it does not break this level, the second strong level of support is at $ 3150. In addition, a break below $ 3000 could cause the ETH price to drop to the 2890 level. We can expect strong support at 2650 on longer losses.
According to Poppe, looking back at the Ethereum price structure, we see that we also had these declines at the beginning. If the ETH price closes above $ 3,400 we are pretty sure that the bottom has been reached and that it will continue to move from here.
Cardano price analysis
Since the beginning of September, the Cardano price has not reached the $ 3 mark after several attempts over the weekend. Despite the hype surrounding the introduction of Smart Contacts, the token suffered a loss of more than 10%.
At press time, ADA is trading at $ 2.31 as the altcoin has failed to stay above the $ 2.65 support level. The price fell sharply below the $ 2.5 mark. In order to start a new rise, the price has to regain the pivot level of USD 2.65.
Regarding Cardano, the analyst says ADA price has strong support at $ 2.00 and should close above $ 2.45 before an uptrend can continue.
“Most likely, especially if Cardano closes above $ 2.45, we’ll see a bullish continuation.”